No, 3% to 5% inflation to go with it, depending on who you ask.

i would tend to agree with that i i we are behaving more like an emerging market economy at the moment um especially as there's you know been pressure on fed independence you add in other things that just give rise to additional uncertainty which that's what causes ultimately yields to rise in addition to inflation concerns and you know people less and less people i think are willing to take the bet on amer what america is going to be like in 30 years from now but i would also note though that this is kind of consistent across the developed world i've made videos on this where we're seeing this phenomenon now where yields are rising globally it's not just limited to america on the on the long end of the curve you're seeing the you know the 30-year debt all throughout europe Japan is actually even experiencing more inflation and therefore higher yields, which they've had a very deflationary economy for many decades.

So you're seeing kind of this phenomenon happen everywhere.

I also, I think...

Part of it is that there's more supply in longer-dated debt.

I don't think this gets reported enough, which isn't actually a fiscal issue necessarily with any of these countries.

It's just that AI is causing a lot of additional supply to enter the market at the long end.

I'm